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Crude Prices Decline as Technology leads Stocks Higher

Stocks in the United States have recovered from a three-day slump, with the technology sector leading the charge. Bond yields, the dollar, and Crude oil all fell on Thursday, reversing previous gains. After reporting its biggest one-day decline since February on Wednesday, the S&P 500 index grew. The Nasdaq 100 index rose as well, led by Apple and Advanced Micro Devices.

According to a previous survey, producer Prices increased more than expected in April, while jobless claims decreased. Bitcoin fell to about $50,000 after Tesla stopped accepting bitcoin payments. Mike Loewengart, managing director of investment strategy at E Trade Financial, said, “Taking a step back from inflation, the fact that jobless claims hit another pandemic-era low suggests we’re inching even closer to full reopening, which is no doubt a good thing.”

Confidence in the US economy and continued Federal Reserve stimulus that had reigned supreme until two weeks ago has been shaken in the past week, with non-farm payrolls dropping well short of expectations and inflation rising to its highest level since 2009. While some investors believe the rise in consumer prices is a one-time reopening burst, the wider markets are betting that it will continue, forcing the Fed to consider tapering its stimulus.

Tesla benefited even after Elon Musk tweeted that, due to environmental issues, the company could no longer allow bitcoin for vehicle purchases. Alibaba’s Stocks fell after the company released its fourth-quarter performance. Although sales exceeded expectations, the company lost money as a result of an antitrust fine. Earnings disappointments in Europe sent the benchmark index lower. BT Group Plc fell 6% after missing earnings expectations. Burberry Group Plc fell 6.8% after disappointing guidance.

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